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Sep 03 - 01:55 PM

EUR/USD - Safety Was Preferred Over Risky

By Christopher Romano  —  Sep 03 - 01:25 PM
  • NY opened near 1.1035 and rallied in early trading, 1.1070 hit on EBS

  • Tighter DE-US spreads US2DE2=RR, softer US$ helped EUR/USD rally

  • Risk soured however with help from US ISM mfg PMI, construction reports

  • EUR/JPY fell to 160.53 (EBS), US yields US2YT=RR softened

  • Stock ESv1, commodity LCOc1XAU= drops reinforced risk-off

  • EUR/USD erased the early rally, hit 1.10335, was down -0.33% late

  • Techs lean bearish; RSIs falling, pair traded below the 5- & 21-DMAs

  • China August Caixin services PMI is a data risk in Asia

  • US July JOLTs, July trade balance, Fed's Beige Book are risks Wednesday

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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